It doesn't make sense to encrypt the traffic differently for the individual users, since you would need to send multiple copies of the stream if the server can't do it (which is also a big downside of all the P2P solutions). It's not smart design for large-scale video chat.
A shared key or different keys per sender (which I don't think adds anything, but I might be missing something) both do not require the server to decrypt/reencrypt, and thus fairly sure that's what they are doing if this is anywhere close to accurate.